With the rising demand for petroleum products and newer technologies, there has been a growth in oil and gas extraction. Increasing number of oil and gas projects globally are driving the pipeline installation and construction. Hence the rise in a number of pipelines covering long distance are fitted with a number of valves to regulate hydrocarbon flow. Moreover, development of new refineries and upgrading existing refineries are driving the demand for industrial valves.
According to the report by Research Report Insights (RRI), a massive boost in offshore oil and gas exploration in countries like Brazil, Peru and Argentina are fueling the demand for industrial valves. Moreover, Total S.A., a petroleum refining company has decided to spend half a billion dollars to develop shale gas field in Argentina, this presents an opportunity for industrial valve manufacturers. More such projects are taking place in diverse regions such as Europe and North America. Russia and Poland are also increasingly investing in subsea exploration. Hence, installation of subsea stations in both the countries are expected to drive demand for industrial valves. The market, which is estimated to reach US$ 59 Bn value by the end of 2017, is poised to showcase a CAGR of 3.7% and bring in US$ 87.6 Bn by 2027-end. In terms of volume, as well, the global industrial valve market is expected to register a 4% CAGR over the forecast period.
However, oil and gas industry is the largest end user of industrial valve, is witnessing uncertainty due to high oil prices. This factor is impacting the growth of industrial valve market.
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Advances in industrial valve technology is at more evolutionary pace
Although evolving at a slow pace, innovation in industrial valves have significantly contributed to the access and process of iron ore, gold, oil and gas. New power plants to operate at higher temperatures and pressures are being developed. Moreover, oil and gas industry is also involving in new offshore projects, hence these industries require effectively operating products. Here, pressure relief valves which are used to control and limit pressure in a system are playing a major role.
Manufacturers and major players are using advanced technologies to make these pressure relief valves more effective. With help of emerging technologies the valves are able to remotely sense relieving pressure, are well-balanced against back pressure, are bigger and lighter in weight and are cost-effective. New industrial valves are also being developed to meet changing demands for change in weight and size requirements, to adjust with higher temperatures and pressures and emission standards.
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Increasing number of partnerships and mergers & acquisitions in industrial valve market
Manufacturers and major companies are entering into partnerships and mergers and acquisitions to provide services, increase capacity and develop innovative products. For instance, Denholm Valvecare, a valves provider to global oil and gas industry has entered into a partnership with IBOR Valves to enhance its manufacturing and designing capabilities.
Another deal has been signed between Maersk Oil and SIMMONS EDECO. As per the contract, SIMMONS EDECO will provide valve and wellhead maintenance service for offshore wells of Maersk Oil in Danish North Sea. The company will also refurbish valves and wellhead maintenance equipment.
An increasing number of projects are taking place in oil and gas industry. As per the U.S. Energy Information Administration report on International Energy Outlook 2016, shale gas production included more than 50% of natural gas production, is expected to reach 79 bcf/d by 2040. This will lead to more construction in oil and gas sector resulting in increasing demand for industrial valves.
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The report further profiles key players in the global industrial valve market which include Flowserve Corporation, Emerson, AVK Holding A/S, KSB Aktiengesellschaft, Zhejiang FuGe Fluid control equipment CO.,LTD., Cameron International Corp., Neway Valve, LESER GmbH & Co. KG Hamburg, CIRCOR International, Inc., KITZ Corporation, ABO valve, Tecofi, Guichon Valves, Robvalve, Polna corp. s.r.o, Gunric Valves (Pty) Ltd, John Mills Valves, Achech Europe, Orion Valves, Exotica Valves.